After the Dow’s freaky dip last week, Monday’s news that the U.S. stock market was closing in on its biggest day in terms of gains this year might just boost some spirits on and off the trading floor. —KA
The Wall Street Journal:
U.S. stocks were on track for their biggest one-day gain of the year Monday afternoon, boosted by a nearly $1 trillion bailout package to stem Europe’s credit crisis.
The Dow Jones Industrial Average was up 348 points, or 3.4%, to 10729, helped by gains in 29 of 30 components. Wal-Mart Stores was the only exception, off 0.3%.
The Standard & Poor’s 500-share index hovered just above 1150, rising 3.7% amid gains in all its sectors. The industrial, technology, financial, consumer-discretionary, and basic-materials categories each rose more than 4%.
Optimism that global growth is back on track sent industrials rising. Cummins, which makes diesel engines and automotive parts, soared 10%. Building-products maker Masco jumped 9%.
The Nasdaq Composite jumped 93 points, or 4.1%, to 2359. If the Nasdaq closes with a triple-digit gain, it will be the measure’s first such move since October 2008.